Prince Alwaleed richest person in Arab world, says Forbes

Prince Alwaleed Bin Talal, owner of Saudi-listed Kingdom Holding Co. (KHC), was named as the richest person in the Arab world, with a net worth of $17.3 billion. Alwaleed ranked 41st on the list after finishing 34th last year.

Bill Gates maintained his position as the world’s richest person for the third straight year in 2016, with a net worth of $75 billion, compared to $79.2 billion last year. The Microsoft founder has claimed the top position on the list 17 of the last 22 years.

Spain’s Amancio Ortega, the owner of Zara, moved up to the second rank in the list with a net worth of $67 billion.

The Forbes list fell to 1,810 billionaires compared to a record 1,826 during the previous year as stock market volatility, slumping oil prices and a stronger dollar dropped fortunes globally. The aggregate net worth among the world’s billionaires fell $570 billion to $6.48 trillion.